Operis has completed the audit of the financial model for the Cabeolica project. The 28MW Cape Verde based wind farm project is the first commercial scale Public Private Partnership wind farm in Sub-Saharan Africa and was awarded the 2011 Best Renewable Project in Africa at the recent Africa Energy Awards.

The project was developed by InfraCo as a public-private partnership with the government of Cape Verde and the national power utility. When completed, the wind farms will make substantial savings in energy costs each year and help the government of Cape Verde achieve its target of ensuring 25 percent of local power needs are provided from renewable sources.

The project is financed with equity from InfraCo Africa, Finnfund and the African Finance Corporation with the European Investment Bank and the African Development Bank providing €30 million and €15 million of debt financing respectively.

Operis provided a full model audit including tax & accounting review on behalf of the funders.

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